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Thank you, Mr. Chairman.
We all agree that changes must be made to the structure and regulation of our financial markets. But the changes must be done right or our financial system and economy will suffer for decades to come. That is why I am deeply concerned about the process surrounding this bill. Yes, we have held several dozen hearings in this Committee during the financial crisis, including recent hearings on derivatives and asset-backed securities in Securities Subcommittee chaired by Senator Reed. Those were good hearings, but they gave us more questions than answers, and we should be trying to get those answers rather than rushing legislation. Even more troubling than the need for more hearings on the issues is the fact that we have held a total of zero hearings on this bill. At a minimum we should be holding hearings on each title of this bill before moving forward so we can understand the full effect of what is proposed and whether it will even work. Better than that would be to consider multiple ideas on each topic and examine them in detail.
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| Bunning introduces the Transparency Resolution. |
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